USA RULES TO CONTROL “BULK CASH” SMUGGLING IMMEDIATELY!!
DIFFERENT POINT OF VIEW by Monte Friesner ~
Financial Crime Consultant for WANTED SA ~
Sunday October 31, 2010 ~
WANTED SA has just learned that the recent FinCEN ruling, which will require all international wire transfers from US financial institutions to be reported to regulators and which will most likely result in an immediate spike in the proceeds of crime being exported via bulk cash smuggling demands a prompt and effective response for American Law Enforcement Agencies.
Unless they can initiate programmes that will adequately suppress “bulk cash” smuggling that operates via land, sea and air routes; this anticipated increase in volume will result in an increase in the investment of laundered criminal profits within the Continental United States.
Let's look at the current situation, which is due to get much worse in 2011:
- Though no reliable statistics exist, the best "guesstimates" would indicate that, at best, less than one per cent (1%) is being interdicted at America's borders. Much of this successfully-transported illicit cash finds its way into corrupt money service businesses, financial institutions and casas de cambio in Mexico, Panama, Costa Rica and elsewhere.
- US banks, who maintain correspondent accounts for these foreign banks and non-bank financial institutions [NBFI], cannot identify the beneficial owners of the already-laundered funds, which have been co-mingled with legitimate funds, and are being sent into the US from abroad.
- Unless the already out-of-control bulk cash smuggling pipelines can be disrupted by law enforcement, they will be able to accept substantial additional funds, from organizations whose money launderers have abandoned the wire transfer route in favor of the highly effective methods of bulk cash smuggling.
- One must not underestimate the clear and present danger that an increased flood of laundered criminal proceeds poses, when it is allowed to be invested inside the United States.
Therefore, it is submitted, that as a matter of national priority, additional US law enforcement assets be earmarked for bulk cash smuggling detection and interdiction, at our land, sea and air borders, whether they be at the frontier, or at the functional equivalent of the border, where international maritime and aviation transport operates.
To do any less invites an increased influence upon our economy, through investments made by narcotics trafficking organizations inside the United States.
The facts and opinions stated in this article are those of the author and not those of WANTED SA. WANTED SA does not warrant the accuracy of any facts and opinions stated in this article; does not endorse them, and accepts no responsibility for them.